The internet was supposed to be a fundamentally decentralized system yet despite is distributed nature giant technology companies have used technical protocols to make giant conglomerates. They hold data of billions of people and it is being compromised on a daily basis. Individuals have no control over how these companies use their data. This broken data ecosystem redirects data’s value away from its rightful owners, who are the individuals.
Wibson is proposing a new market based approach that leverages the latest developments in blockchain, cryptography and market design to level the playing field between data consumers and data owners.
What Is Wibson?
Wibson is a Blockchain based, decentralized data marketplace that provides the infrastructure for individuals to securely and anonymously sell private information which is validated for the benefits of both data consumers and owners. It is a disruptive technology that helps people take back control of their data.
The Wibson marketplace not only benefits consumers by giving them an opportunity to monetize their personal information, it gives marketers and advertisers access to a high quality and curated data, which is being provided by the consent of the individual.
They are addressing a huge personal data opportunity which has been a hot topic of public conversation for the last decade.
Necessity Of A Decentralized Marketplace
A data marketplace is an online platform where people come together to exchange data. Currently, there are a number of centralized marketplaces where an individual’s data is shared without their consent. Data brokers are able to generate huge profits by aggregating personal data. Recent developments in blockchain technologies have enabled marketplaces to shift from a centralized to a decentralized model. The biggest benefit of decentralized marketplaces is disinter-mediation, removal of middlemen.
Wibson Core Principles
- Transparency: Individuals have complete visibility into how and where their data is being is used.
- Anonymity: Identity of the individuals are never revealed without the consent of all the relevant parties.
- Fairness: Individuals can exchange access to data for value. Supply and demand of the marketplace will dictate the price.
- Control: All the control of an individual’s personal information is with the individual themselves.
How Wibson Grandata's Personal Data Blockchain Monetization Works
- Once the app is installed on a smartphone, individuals can connect to data sources such as Facebook, then monitor offers from data buyers.
- Once the data transaction is confirmed, consumers receive payment for sharing access of their data.
- Wibson’s smart contracts governs how an individual’s personal information will be used.
- Typical data buyers are businesses who are looking for validated personal data to better target offers and ads.
- Wibson, which is currently in an test phase(Alpha phase), is run on a private Ethereum test network.
With stories of companies like Equifax’s sloppy handling of data and studies confirming that an individual’s data is at least worth $240 USD, it is time to take control over your data. There is now no necessity for an individual to give away their data for free. They can make a profit.
You can do so by joining Wibson which is currently in its test phase. You can join their network or learn more about the company on their website at wibson.org/